India-based personalised e-learning platform provider uFaber Edutech has formed a Rs 100m ($1.4m) startup accelerator scheme for early-stage education technology developers, VCCircle has reported.
Founded in 2015, uFaber runs customisable remote learning programmes for primary school students to adult learners. It has 1 million active users and more than 60,000 subscribers.
In addition to funding, uFaber will also provide its portfolio companies with access to its network, customer base and other strategic areas.
Rohit Jain, co-founder & CEO of uFaber, said: “Having successfully exited our previous venture and bootstrapping uFaber into a [$14m] revenue run rate, we have inside knowledge of what it takes and what needs to be done from a focus and operational perspective.
“We are open to all options besides support [including] acqui-hire, acquisition to strategic investment. We have currently identified and speaking to two to three startups.”
“[As] we look to grow, we may not be able to build or understand many new segments or technologies. We are looking to some of the startups we end up investing, partnering or acquiring to fill that gap for us.”
